In this specific case, the change of mindset concerns the approach of traditional finance toward Bitcoin, and not cryptocurrencies as a whole. However, Bitcoin should not be confused with altcoins, and especially with shitcoins. Given BlackRock’s outright starring role in traditional financial markets, this shift could be a symptom of a more general change in traditional finance’s attitude toward Bitcoin. Yesterday, however, he called it digital gold. In 2017, the CEO of BlackRock, Larry Fink, had called Bitcoin a currency for criminals. Moreover, the BlackRock case seems even more far-reaching than that. This possible entry of new traditional players, and thus new users, into the crypto markets, combined with the halving of Bitcoin, increases the chances of another bull run between 20, according to CZ. Indeed, the offering of ETFs on Bitcoin is certainly not aimed at those who operate on crypto exchanges, but specifically at those who still operate only on traditional platforms. However, he believes that current users of crypto platforms overlap only minimally with those of platforms in use by traditional finance. Indeed, some have expressed concern about the entry of such a traditional finance giant into the crypto markets, but CZ’s prediction is that this will end up being extremely beneficial for this market.Īccording to CZ, anyone from the outside who enters the crypto world will bring other people into it, although it will obviously increase competition among industry players. The CEO of Binance also discussed the issue related to the entry into the crypto markets of the world’s largest asset manager, namely BlackRock. The CEO of Binance discusses the BlackRock issue: prediction on Bitcoin The bottom of the second post-bubble bear-market was at about $3,200, and the third big bullrun, which was the last one, pushed the price to almost $70,000.įor now the bottom of the third post-bubble bear-market was about $15,500, so that dynamic appears to be for all intents and purposes still in place. The bottom of the first post-bubble bear-market was at about $150, and the second bubble pushed the price to nearly $20,000. The first bubble took the price from about $10 to $1,100, and thereafter the price never returned to $10. Given that Bitcoin‘s halving occurs about once every four years, and given how the price behaves after the halving, this process actually generates real four-year cycles that affect the entire crypto market. However, in no case was the bottom of the subsequent bear-market lower than the bottom of the previous cycle’s bear-market. It is worth noting that those of 2013, 20 were not just simple bullruns, but real speculative bubbles that burst the following year. Indeed to date there have already been three halvings (in 2012, 2016, and 2020), and in all cases the following year there was a strong bullrun that caused it to rise a lot.Īccording to CZ, the most likely thing is that this dynamic will also occur between 20, believing this to be the most likely year for the next big bullrun. In fact, there is quite widespread positive sentiment toward the halving, due to purely historical reasons.ĭuring yesterday’s live broadcast, the CEO of Binance pointed out that the price of Bitcoin has historically moved upward after the halving, saying that “ the year after Bitcoin halving is usually the bull year.” The focus of his reasoning is the Bitcoin halving that will presumably take place at the end of April 2024.
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